Core Scientific (NASDAQ:CORZ) Shares Down 6% – Here’s Why

Core Scientific, Inc. (NASDAQ:CORZ)’s share price dropped 6% during mid-day trading on Tuesday . The stock traded as low as $8.27 and last traded at $8.24. Approximately 4,285,714 shares traded hands during trading, a decline of 60% from the average daily volume of 10,834,599 shares. The stock had previously closed at $8.76.

Analyst Upgrades and Downgrades

CORZ has been the topic of several research reports. HC Wainwright reissued a “buy” rating and set a $17.00 price objective on shares of Core Scientific in a research report on Tuesday, March 11th. BTIG Research raised their price objective on shares of Core Scientific from $19.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, December 16th. Craig Hallum began coverage on shares of Core Scientific in a research note on Tuesday, January 21st. They issued a “buy” rating and a $24.00 target price for the company. Compass Point reduced their target price on shares of Core Scientific from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, February 25th. Finally, Cantor Fitzgerald reduced their target price on shares of Core Scientific from $24.00 to $21.00 and set an “overweight” rating for the company in a research note on Thursday, February 27th. Fifteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Core Scientific has a consensus rating of “Buy” and an average price target of $19.07.

Core Scientific Stock Up 8.2 %

The stock has a market cap of $2.55 billion, a PE ratio of -1.60 and a beta of 6.83. The business’s fifty day moving average is $11.72 and its 200 day moving average is $13.18.

Core Scientific (NASDAQ:CORZ) last released its quarterly earnings data on Wednesday, February 26th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.09. The company had revenue of $94.93 million for the quarter, compared to analysts’ expectations of $97.07 million. As a group, analysts predict that Core Scientific, Inc. will post 0.52 EPS for the current year.

Insider Buying and Selling at Core Scientific

In other Core Scientific news, CEO Adam Taylor Sullivan sold 88,380 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $14.24, for a total value of $1,258,531.20. Following the sale, the chief executive officer now owns 4,128,505 shares of the company’s stock, valued at $58,789,911.20. This represents a 2.10 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jordan Levy purchased 62,500 shares of Core Scientific stock in a transaction on Thursday, March 6th. The stock was acquired at an average cost of $8.01 per share, for a total transaction of $500,625.00. Following the acquisition, the director now directly owns 306,887 shares of the company’s stock, valued at approximately $2,458,164.87. This represents a 25.57 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 748,282 shares of company stock valued at $10,978,104 over the last quarter. Corporate insiders own 32.00% of the company’s stock.

Hedge Funds Weigh In On Core Scientific

Several institutional investors and hedge funds have recently modified their holdings of CORZ. FMR LLC lifted its stake in shares of Core Scientific by 2,937.7% during the fourth quarter. FMR LLC now owns 7,436,229 shares of the company’s stock valued at $104,479,000 after buying an additional 7,191,428 shares during the period. Vanguard Group Inc. lifted its stake in shares of Core Scientific by 54.3% during the fourth quarter. Vanguard Group Inc. now owns 19,378,652 shares of the company’s stock valued at $272,270,000 after buying an additional 6,819,406 shares during the period. Helix Partners Management LP purchased a new position in shares of Core Scientific during the fourth quarter valued at approximately $86,498,000. Driehaus Capital Management LLC lifted its stake in shares of Core Scientific by 112.1% during the fourth quarter. Driehaus Capital Management LLC now owns 10,264,204 shares of the company’s stock valued at $144,212,000 after buying an additional 5,424,901 shares during the period. Finally, Fred Alger Management LLC purchased a new position in shares of Core Scientific during the fourth quarter valued at approximately $62,011,000.

About Core Scientific

Core Scientific, Inc provides digital asset mining services in North America. It operates through two segments, Mining and Hosting. The company offers blockchain infrastructure, software solutions, and services; and operates data center mining facilities. It also mines digital assets for its own account; and provides hosting services for other large bitcoin miners, which include deployment, monitoring, trouble shooting, optimization, and maintenance of its customers' digital asset mining equipment.